DHT Announces Financing of VLCC Newbuildings


DHT Holdings, Inc. (NYSE:DHT) (“DHT”) announced that it has secured bank financing for the two 318,000 dwt VLCCs newbuildings scheduled to be delivered in July and September 2018 from Hyundai Heavy Industries.

The financing will cover about 50% of the contract price with the remainder being financed by cash at hand. As such, DHT does not intend to issue any stock to finance the two newbuildings.

The financing has a 5 year tenor and its 20 year repayment profile is in support of DHT’s low cash break-even levels.

DHT estimates that the average cash break-even for each vessel to cover OPEX, interest and debt repayment to be about $16,800 per day. The bank financing has a margin of 250bps above LIBOR and 50% of the financing is structured as a revolving credit facility.



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